Major misnomer. This is where most go wrong when determining operating cost. In addition to fuel calculate engine overhaul, annual inspection, preventative mx, tires, 50 hour oil changes, hangar fees, and insurance into your hourly cost. These can be computed hourly. Then you "bank" that money so you're not looking at calling everyone and asking them to ante up $100 when the alternator/vacuum pump/starter, radio, etc. goes bad. A C152 is going to be closer to 55-60/hr to operate. This is how flying clubs work...you charge the 60/hr and put the cash into the appropriate reserve accounts.